Many more factors figure into the cost of a bachelor's degree than just tuition. Depending on the type of college or university, as well as its level of selectivity, taxpayers may contribute a substantial tax subsidy or, in rare cases, receive a moderate net "profit" per bachelor's degree. It is important to consider all of the costs and returns involved in higher education when considering dropout prevention and retention efforts, as well as how government subsidies are or should be distributed among colleges and universities. This "Outlook" is designed to fuel a discussion about the true costs of higher education and who pays for them. (Contains 2 figures, 4 tables and 31 notes.)